Serene Stereos has the following inventory data: Nov. 1 Inventory 30 units @ $6.00 each Purchase 120 units @ $6.45 each 17 Purchase 60 units @ $6.30 each 25 Purchase 90 units @ $6.60 each A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand. Cost of goods sold under FIFO is

Serene Stereos has the following inventory data: Nov. 1 Inventory 30 units @ $6.00 each Purchase 120 units @ $6.45 each 17 Purchase 60 units @ $6.30 each 25 Purchase 90 units @ $6.60 each A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand. Cost of goods sold under FIFO is

Name: Serene Stereos has the following inventory data:Nov. 1Inventory30 uni
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Serene Stereos has the following inventory data:Nov. 1Inventory30 units @ $6.00 each8Purchase120 units @ $6.45 each17Purchase60 units @ $6.30 each25Purchase90 units @ $6.60 eachA physical count of merchandise inventory on November 30 reveals that th

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 107 units were sold. Date May 1 15 24 Explanation Inventory Purchases Purchases Totals Ending inventory at May 31 Cost of goods sold e Textbook and Media Units 50 41 Save for Later 58 149 $ Unit Cost $15 18 Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) $ 19 Total Cost $750 738 FIFO 1,102 $2,590 $ $ LIFO $ $ Average-cost Attempts: 0 of 3 used Submit Answer
Coronado has the following inventory information. July 1 Beginning Inventory 20 units at $20 $400 7 Purchases 50 units at $19 950 22 Purchases 10 units at $20 200 $1550 A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $1020. $970. $977. $996.
Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572
Please do not give solution in image format thanku
1. Westor Aldor had a beginning inventory balance on July 1 of 440 units at a cost of $3.50 each. During the month, the following inventory transactions took place: Purchases Sales Date Units Cost per Unit Date Units Price Per Unit July 10 1,300 $3.10 July 2 250 $6 13 700 $3.40 11 1,000 $6 27 550 $3.75 28 400 $6.50 a) Calculate the cost of goods available for sale and the number of units of ending inventory. Please explain how to find ending inventory when not given.
Sunland has the following inventory information. July 1 Beginning Inventory 15 units at $270 $18 7 Purchases 75 units at $21 1575 22 Purchases 10 units at $23 230 $2075 A physical count of merchandise inventory on July 31 reveals that there are 40 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is O $1280. O $1230. $1256. O $1237.
Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the inventory purchases and sales of chairs for the month of April. Seif’s Company uses the periodic inventory system. Ending Inventory is determined to be 150 unit. Purchases Units Unit Cost 3/1 Beginning inventory 150 $40 3/3 Purchase 50 $50 3/10 Purchase 250 $55 3/30 Purchase 100 $65 Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for April. (Show computations) (b) Using the weighted average method, calculate the amount assigned to the inventory…
Suppose that Sunland has the following inventory data: Nov. 1 Inventory 10 units @ $7 each Purchase 100 units @ $7.45 each 60 units @ $7.30 each 80 units @ $7.60 each 8 17 25 Purchase Purchase The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand. Cost of goods sold under FIFO is O $666. O $681. O $1180. O $1419.